The real estate market in Spain has undergone significant changes. Over the past year, the crisis phenomena, gaining maximum strength, literally swept most developers off the market. At the same time, collateral real estate flooded into banks. The assets of banks are replenished with objects selected for debts, both from bankrupt construction companies and from individuals left without work and funds to service their debt.
Today, the choice of real estate in Spain is huge. We will tell you how to make the most correct, and most importantly, profitable choice in this article.
How to buy a property from a Spanish bank
At the moment, Spanish banks have become the largest owners of local real estate. It is important to note that this did not happen entirely by their will and desire. A huge number of assets: houses, apartments, villas belonging to insolvent debtors, rushed into Spanish banks in an avalanche-like flow.
Banks turned out to be completely unprepared and unable to fully perform the functions of real estate agencies and sales departments of construction companies. Bank clerks were suddenly and solely at the whim of time and the behest of their superiors, were registered as real estate sellers. Having inexhaustible databases of their own objects, bank employees often cannot and do not want to engage in the selection of objects. And most of the apartments and villas are presented with extremely scarce information with photos of poor quality and in insufficient quantity. Conservatism and bureaucratic slagging of all processes does not allow bank employees to be effective sellers of real estate even in the domestic market. Often, the bank rests for a long time, without conceding a euro from the price of the object, then suddenly makes a 10-20% discount on all its objects at once. In addition, the crisis in Spain is forcing banks to change lending conditions, as well as, in order to reduce the risk of issuing loans to insolvent borrowers, to require additional documents for mortgage approval. This behavior of banks turns the execution of the transaction into an operation with force majeure components. With foreign buyers, the situation is complicated by the lack, and often by the complete absence of specialists who speak Russian or at least English.
At the same time, Russian buyers who have heard about the crisis in Spain are eager to buy real estate from banks, as they are confident in the super profitability of such a purchase. Applying directly to Spanish banks brings a weak result, since local branches are designed to work with Spaniards. Only some real estate agencies can boast of really favorable terms of sale for Russian clients. At the same time, it should be borne in mind that, unlike developers, banks do not pay a commission in principle. Therefore, the payment of a commission to the agency in the amount of 3% is a necessary part of the costs when buying real estate from the bank. Moreover, you already save significantly by buying real estate at a reduced price, and the agency often helps to get an even bigger discount, thereby justifying your commission.
Real estate from developers in Spain
The crisis in Spain has ruined a huge number of developers. The companies that remain afloat are forced to use increasingly sophisticated marketing methods, playing with special offers, discounts, special credit conditions and even legal support in obtaining a residence permit in Spain.
The main strategy for the buyer in these conditions is to have an operational source of information about new offers on the real estate market in Spain, to find a professional and objective expert with whom you can discuss the advantages and disadvantages of certain offers. For these purposes, you can use the automatic mailing system of new offers from the company by registering on the website. Another option is to leave a detailed application for the selection of real estate to the manager, who also promptly tracks interesting offers directly from developers and banks appearing on the real estate market in Spain.
